Caribbean student union owes CSU three times its budget

The CSU loaned $7,000 to the Concordia Caribbean Student Union (CCSU), to cover losses incurred from an event last fall, The Concordian has learned.
The loan must be paid back by May 31. The CCSU is trying to raise money to cover the loan by that date, although a source close to the matter said the group has made little progress towards raising $7,000 thus far.
A copy of the loan contract obtained by The Concordian shows the loan was approved by CSU president Keyana Kashfi, and lists the International Ethnic Association Council (IEAC) as guarantor. The IEAC is comprised of around a dozen ethnically-oriented CSU clubs, such as the CCSU, the Iranian Students Association and the Concordia Ukrainian Student Union. The terms of the contract stipulate that should the CCSU fail to raise $7,000 by May 31, the IEAC will be entirely responsible for the balance.
This could have a negative affect on the clubs’ budgets under the IEAC for next year, including clubs that had nothing to do with the original loan.
It was not immediately clear how a group with a budget of around $3,000 could have been authorised enough funds from the CSU to run a deficit more than twice their yearly budget. Every group must submit a budget at the beginning of the year detailing their prospective expenses, and are then allotted an amount from an overall fund of around $160,000, which is raised through a fee levy. Inquiries to the CSU vice-president of Clubs and Space, Priscilla Gomes, were not returned as of press time.
The CCSU confirmed the authenticity of the loan contract, but refused to comment directly on the loan until it was resolved. An executive confirmed the deficit was caused by low turnout, and a bigger event than usual. “It was the 10th anniversary of the event and the 40th anniversary for our club, so we had to go a bit bigger.”
The CCSU’s request for funds would have had to have been approved by both the IEAC and the CSU. The IEAC could not be reached for comment as of press time.